How much does a Nevada postnuptial agreement cost? This is a common question that couples in Nevada ask after they are married. Let’s explore this question and review some general information about postnuptial agreements and why they are important.
How Much Does a Postnuptial Agreement Cost in Nevada?
A postnuptial agreement, often called a post marital agreement, is a legally binding contract executed by a married couple. Similar to a prenuptial agreement, a postnuptial agreement outlines how the spouse’s assets and debts will be divided in the event of a divorce.
The cost of a postnuptial agreement will vary depending on several factors like the time it takes to draft and review the document and how the lawyer charges for these services. According to ContractsCounsel's marketplace data, the average cost of a postnuptial agreement in Nevada is $761.81.
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Why Do I Need a Postnuptial Agreement in Nevada?
Nevada is one of the few states that follows community property laws when distributing assets between spouses in a divorce. This means that once a couple is married, all assets and debts obtained during the marriage are shared equally by both spouses. When the couple divorces, the assets and debts are split 50/50 despite who contributed to the asset or debt more.
For example, if one spouse incurs credit card debt on their own account, the other spouse is still responsible for 50% of that debt in a divorce. Due to this process, many people view community property laws as unfair. Although these laws split all assets and debts 50/50, they can leave some spouses at a gigantic financial loss.
A postnuptial agreement can help protect each spouse's separate property including gifts and inheritances received during the marriage and personal injury settlements. By defining what is separate property in the postnuptial agreement, you can ensure that these assets are not subject to division in case of a divorce.
What's Typically Included in a Nevada Postnuptial Agreement
Every prenuptial agreement will look a little different based on the spouse’s assets, debts, and future plans. Some common issues addressed in postnuptial agreements include:
- Identification of separate and community property. A list of all the spouse’s assets and liabilities and clarification of designated separate property and community property.
- Division of property. How assets and debts will be divided in a divorce. This may include the allocation of real estate, retirement accounts, investments and personal property.
- Spousal support. Whether or not spousal support will be paid after a divorce, and if so, the amount and duration of the payments.
- Debt allocation. How the couple's debts will be divided including mortgages, credit card debt, auto loans, and personal loans.
- Inheritance rights. Whether one spouse will waive their right to inherit from the other spouse's estate in the event of death.
- Business interests. If one or both spouses own a business, the agreement can address how the business will be divided.
Is a Postnuptial Agreement Enforceable in Nevada?
Yes. Postnuptial agreements are enforceable in Nevada if the contract meets certain requirements including:
- The agreement must be in writing
- Signed by both parties voluntarily without coercion or duress
- The agreement cannot be “unconscionable” (unfair)
- Each party must fully disclose all assets and liabilities
Prenuptial agreements will not be upheld if either party was forced to sign under duress, coercion, or fraud. Fraud can include one spouse failing to fully disclose their full financial situation before signing the agreement.
Benefits of a Postnuptial Agreement
Some advantages to having a fair, well-written postnuptial agreement include:
- Protection of assets
- Protection from debts
- Customized plan to distribute assets in a divorce
- Avoidance of a typical divorce settlement
- Comprehensive planning for the future
- Peace of mind knowing that financial matters are settled
Prenuptial agreements will also save spouses money in lawyer fees during the divorce. Finances are one of the most highly contested issues when spouses separate. By eliminating this issue with a marital agreement, the divorce process will be faster with less time spent in a courtroom.
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Postnuptial Agreement Drafting in Nevada
Hiring an attorney to draft a postnuptial agreement is highly recommended. A lawyer with family law experience will be familiar with Nevada laws and know what can and cannot be included and enforced in a marital agreement.
When a couple hires an attorney to draft their contract, they usually start with a consultation. The lawyer will need to learn about the couple, their financial situations, and their future plans. Then, the lawyer can draft a postnuptial agreement that meets the spouse’s needs.
Postnuptial Agreement Review in Nevada
Some spouses may choose to draft their own postnuptial agreement to save on attorney’s fees. While this is possible, a self-written contract could cause issues in the future. Nevada law requires that each party discloses all financial assets and liabilities, and each party understands the rights being forfeited under the marital agreement. Without the assistance of an attorney to ensure the contract was legally executed, a judge could rule that the agreement is unenforceable.
A family law attorney can review the marital agreement to ensure that it is drafted properly and that each spouse fully disclosed their financial information, and they understand the terms of the contract. This will avoid any issues of upholding the agreement in court if the couple divorces.
Nevada Postnuptial Agreement Drafting Cost
When a couple hires a lawyer to draft their postnuptial agreement, they will incur legal fees. Drafting a contract requires the time and legal expertise of a licensed lawyer.
According to ContractsCounsel's marketplace data, the average Nevada postnuptial agreement drafting costs are $1,075.00.
Nevada Postnuptial Agreement Cost
Hiring an attorney to review a postnuptial agreement will also come with legal fees. The lawyer will use their legal expertise and knowledge of Nevada law to review the contract and ensure both parties understand the terms of the agreement.
ContractsCounsel's marketplace data shows the average postnuptial agreement review costs in Nevada are $414.14.
How Do Nevada Lawyers Charge for a Postnuptial Agreement?
Hourly Rates for Postnuptial Agreements
It is common for Nevada family law attorneys to use an hourly rate fee structure to bill their clients. Under this fee structure, a lawyer will inform the client of their hourly rate then bill the client for the number of hours spent working on a case or project.
The marketplace data for ContractsCounsel shows the average hourly rate for a family lawyer in Nevada ranges from $200 - $300 per hour.
Flat Fee Rates for Postnuptial Agreements
When a lawyer is hired to complete a specific drafting or review project, they may choose to quote a flat fee rate instead of billing by the hour. The attorney will estimate how long the project will take then quote the client a fair flat fee for all legal services.
ContractsCounsel's marketplace data shows the average flat fee rate for a postnuptial agreement in Nevada is $761.81.
Get Help with a Nevada Postnuptial Agreement
Do you need help with a postnuptial agreement project? If so, post a project in ContractsCounsel's marketplace to receive flat fee bids from family lawyers who are licensed to practice law in Nevada and can handle your project. All lawyers on the ContractsCounsel's platform are vetted by our team to make sure you are provided with top-tier service.
